Oil Prices Continue to Climb Ahead of OPEC+ Meeting

Oil prices continued to increase on Tuesday ahead of the Organization of the Petroleum Exporting Countries plus other oil-producing countries' (OPEC+) already-postponed meeting on December 5. The group is widely expected to defer its scheduled increase in oil production, initially planned to start with a boost of 180,000 barrels per day beginning in January.

Geopolitical Tensions in the Middle East Add to Oil Price Risk

Meanwhile, ongoing geopolitical tensions in the Middle East are adding a risk premium to oil prices. Despite an existing ceasefire agreement, Israel has restarted its military actions against Lebanon.

WTI and Brent Prices See Significant Gains

West Texas Intermediate (WTI) for deliveries in January climbed by 2.92% to $70.09 per barrel at 2:03 pm ET. A minute later, Brent for February settlements jumped by 2.62% to go for $73.73 per barrel.